MIRA
INFORM REPORT
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Report Date : |
05.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
R P C
FOODS |
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Registered Office : |
Khasra
No. 1082, Bhalaswa Village, Plot No. 623, Near White Temple, New Delhi –
110033, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.01.2006 |
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IEC No.: |
0505086778
dated 13.02.2006 |
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PAN No.: [Permanent
Account No.] |
AAIFR6992F |
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Legal Form : |
Partnership
concern with an unlimited liability of all the partners. |
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Line of Business : |
Importer,
Distributor and Supplier of Food Products, Assorted Food Products, Pasta and
Coconut Milk. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
New
concern |
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a new concern and reported to be doing good business. Partners are
reported as experienced and respectable businessmen. Trade relations are
reported as fair. Business is active. Payments are reported as usually
correct and as per commitments. The
concern can be considered normal for business dealings at usual trade terms
and conditions |
LOCATIONS
|
Registered Office : |
Khasra
No. 1082, Bhalaswa Village, Plot No. 623, Near White Temple, New Delhi –
110033, India |
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Tel. No.: |
91-11-27639596 |
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Mobile No.: |
91-98918989158 |
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Fax No.: |
91-11-27639596 |
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E-Mail : |
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Area : |
150
Sq. meters. |
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Location : |
Rented
– Semi Commercial |
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Warehouse
: |
2
Warehouses in Balaswa, Delhi and 1
Warehouse is situated at Ladosarai, New Delhi |
PARTNERS
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Name : |
Mr.
Prashant Asrani |
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Designation : |
Partner
(Import Activities) |
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Address : |
H –
5/4, Model Town, Delhi – 110009 |
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Date of Birth/Age : |
33
years |
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Qualification : |
Graduate |
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Experience : |
15
years |
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Name : |
Mr.
Chetan Asrani |
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Designation : |
Partner
(Marketing Activities) |
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Address : |
H –
5/4, Model Town, Delhi – 110009 |
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Date of Birth/Age : |
26
years |
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Qualification : |
Graduate,
MBA |
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Experience : |
8
years |
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Name : |
Mr.
Ramesh Thandani |
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Designation : |
Partner |
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Address : |
D-33,
Ashok Vihar Phase – I, New Delhi -110052 |
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Date of Birth/Age : |
41
years |
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Qualification : |
Graduate |
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Experience : |
20
years |
KEY EXECUTIVES
|
Name
: |
Mr.
Chetan Asrani |
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Designation
: |
Key
Executive |
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Address
: |
H –
5/4, Model Town, Delhi – 110009 |
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Date
of Birth/Age : |
26
years |
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Qualification
: |
Graduate,
MBA |
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Experience
: |
8
years |
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Mobile
No : |
91-9891889815 |
BUSINESS DETAILS
|
Line of Business : |
Importer,
Distributor and Supplier of Food Products, Assorted Food Products, Pasta and
Coconut Milk. |
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Products : |
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Exports to : |
Subject
does not export and supplies in the domestic market to leading Restaurants,
Institutions, Super Stores |
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Imports from : |
The
subject is importing food products, assorted food products from Italy,
Europe, Middle East and Coconut Milk from Sri Lanka |
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Terms : |
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Selling : |
On
Credit : 30 to 90 days and Cash against Delivery (selling terms are on case
to case basis) |
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Purchasing : |
Partly
TT basis and remaining on Document against payment basis |
GENERAL INFORMATION
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Customers : |
Wholesalers,
Super Stores, Institutions and Restaurants. |
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No. of Employees : |
Around
8 |
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Bankers : |
Union
Bank of India, Ashok Vihar Branch, New Delhi (Current
A/c No. 133067) |
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Banking Relations : |
Reportedly
Normal |
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Auditors : |
Tandon
Associates Chartered
Accountants New
Delhi |
CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs
3.000 Millions |
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Borrowed : |
N.A. |
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Total : |
Rs
3.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
PROFIT
& LOSS ACCOUNT
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PARTICULARS |
|
31.03.2007 (Projected) |
31.03.2006 (2 months) |
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Sales Turnover [including other income] |
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13.000 |
1.500 |
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Profit/(Loss)
Before Tax |
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0.650 |
0.075 |
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Provision
for Taxation |
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0.097 |
0.000 |
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Profit/(Loss)
After Tax |
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0.553 |
0.075 |
KEY
RATIOS
|
PARTICULARS |
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31.03.2007 (Projected) |
31.03.2006 (2 months) |
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PAT / Total Income |
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4.25 |
5.00 |
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Net
Profit Margin(PBT/Sales) |
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5.00 |
5.00 |
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Return
on Total Assets(PBT/Total Assets} |
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18.42 |
2.50 |
LOCAL AGENCY
FURTHER INFORMATION
Mr.
Chetan Asrani (Age : 26 years) Partner is looking after marketing activities
and Mr. Prashant Asrani is looking after import activities.
Trade References
- Fiamma Vesuviana (Product :
Pasta), Italy
- Ice School (Product : Canned
Food Procuts), Singapore
- Assorted Food Procuts from
Italy and Singapore
- American Garden Groceries,
USA
- Silver Milks, (Product :
Coconut Milk) Sri Lanka
- Alseedawy, Dubai (Lebanese
Food Products)
Industry Overview
The Ministry of Food Processing estimates the
size of the Food Processing Industry at Rs3,150bn (US$70bn), including Rs990bn
(US$22bn) of value added products. The Food Processing Industry is estimated to
grow at 9-12%, on the basis of an estimated GDP growth rate of 6-8%, during the
tenth plan period.Value addition of food products is expected to increased from
the current 8% to 35% by the end of 2025. Fruit & vegetable processing
which is currently around 2% of total production will increase to 10% by 2010
and to 25% by 2025.
The industry employs 1.6mn workers directly. The number of people employed by
the industry is projected to grow to 37mn direct and indirect job workers by
2025.The total exports of the Food Processing Industry in 2001-02 were Rs136bn
and the target exports for 2002-03 was at Rs146bn. Marine products export was
the single largest constituent of the total exports of processed foods
contributing over 40% of total processed food exports.
Five-year tax holiday for new food processing units in fruits and vegetable
processing along with other benefits in Budget 2004-05 has bolstered the Government’s
resolution of encouraging growth in this sector. India is the largest producer
of milk in the world with an estimated production of 91mn tons in the year
2002-03. Milk and milk products account for a significant 17% of India’s total
expenditure on food and the popular milk products are cheese, butter, ghee,
dairy whiteners and ice-creams.
The Indian snack food market comprising bakery products, ready to eat mixes,
curries, chips, namkeens and other processed foods is large, diverse and
dominated by the unorganized sector.
The total size of the Indian snack food market is at an estimated over 400,000
tons in volume terms and Rs100bn in value terms and is growing at over 10% for
the last three years (2000-2003). The three largest consumed categories of
packaged foods are packed tea, biscuits and soft drinks.
INDIA has a nascent but rapidly transforming retail food
industry that creates business opportunities not only for domestic producers
but also for overseas exporters. International attention is now increasingly
focused on the rapidly growing Indian food retail market. With the removal of
quantitative restrictions on imports, Indian consumers can have access to food
from around the world. The largely export-oriented US food industry is now
targeting India for sales.
When
combined with key demographic trends of a fast-expanding and wealthier middle
class; changing food consumption patterns; a realistic prospect of continued
robust economic growth over the medium term; and an increasing emphasis on infrastructure
investment, it bodes well for aggressive US suppliers interested in entering
one of the world's potentially largest untapped markets for consumer-ready food
products, the US embassy in New Delhi has said in a report.
Quoting
industry experts, the report, intended essentially to inform prospective
American suppliers business opportunities offered by India, has placed the
market sales of food and beverage retailing in the country at $ 135 billion and
growing at about 4-5 per cent per annum.
Retailing
is not yet a structurally organised industry in India, probably as a result of
poverty, regional diversity (ethnicity, income levels, marketing system,
purchasing behaviour etc), fragmented small agricultural production system,
domestic policies that limit inter-State commerce and inadequate
infrastructure, the report pointed out.
Food
products are sold by an estimated 6.5 million at small grocery stores, while
organised food retailing is limited to urban areas.
Large
discount hypermarkets are emerging in most major metropolitan cities offering
increased value to price-conscious consumers.
Market
analysts believe that hypermarkets will determine the future of organised food
retailing over the short-to-medium term, the report pointed out adding that
traditional grocers are also gradually redefining themselves by increasing
floor space, and introducing self-service format and value-added services such
as credit and home delivery.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international anti-terrorism
laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government officials
for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.30 |
|
UK
Pound |
1 |
Rs.85.83 |
|
Euro |
1 |
Rs.57.92 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
31 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed
to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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